The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1887-12-08
OF The President of the United
States, to the First Session
of the Fift1eth Congress.
With Great Good Sense He Els
chews all Other Themes
But the Tariff,
And Makes Short, But Able ana
Readable State Docu-
ment.
The President Delivers a Vlgor-
GUS Blow Against the
Protective Tariff.
The President Delivers a vlgor-
10 the Congress- of m. United states:

vonr legislative duties with condition or
The national finances which impera;lvely
demands immediate and careful consldera-
ton, The amount of money annually ex-
acted, through the operations of the
presept laws, from the industries and
necessities of the people, largely exceeds
the sum necessary to meet the expenses
of the government When we consider
that the theory of our institutions guaran-
tees to every citizen the full enjoyments
of all the fruits of his industry and enter
prise, with only such deduction as may
be his share towards the careful end eco
nomical maintenance of the government
which protects him, it is plain that the
exaction of more than this is indefensible
extortion, a culpable betrayal of American
fairness and Justice. This wrong, IN
ficted upon those who bear the burden OF
national taxation, like other wrongs, null
tiplles brood of evil consequences. The
public treasury, which should only exist
as a conduit, conveying the peoples
tributes to its legitimate objects of ex-
penditure, becomes boarding place for
money, needlessly Withdrawn from trade
and the peoples use, thus gripping our
national energies, susFeDding our coun-
try's development, preventing investment
in productive enterprise, threaten
ing financial disturbance aud in
viting schemes of public plumber.
Thi, condition of our treasury is not al
together new, and it has more than once
of late been submitted to the peoples
representatives in the congress, who alone
can apply a remedy, and yet the situation
s,,l NTH anOruVntal incident I;
more than ever presaging financial con
vulsion and widespread disaster. 1t will
not do to neglect this situation, because
It's dangers are not now palpably i'm
minent and apparent. They exist none
the less, certainly, and await the unfore-
seen and unex pected occasion, when sud
denly they will be precipitated upon US.
On the Both day of June, 1885,
THE EXCESS OF REVENUES
over public xpenditures,a latter complying
with the annual requirements of the sink.
ing fund act, was $l7S59, 1851. During
the year ending June 80, 1886, such ex-
cess amounted to $44, 405, $4,000, and dur
ing the year ended June 80, 1887, it
reached the sum of $50 ,567 849.54.
The annual contributions to the sinking
fund during the three years above speci-
fed, amounting in the aggregate to $685.
058,32094, and deducted from the sur
pl1s, as stated, were made by calling in
for the purpose the outstanding 3 per
cent. bonds of the government. During
the six months prior to June 80, 1887
the surplus revenue had grown so large by
repeated Accommodations, and it was feared
the withdrawal of this great sum
of money needed by the people
would so effect the business
of the country, that the sum of $79,864
100, of such surplus was applied to the
payment of the principal and interest oil
the three per cert bonds still outstanding
and which were then payable at the OPP
ton Of the government The preoarious
condition of financial affairs among the
people still needing relief immediately
after the 30ih day Of June, 1887, the re-
mainder of the three per cent bonds then
outstanding, amounting, with principal
and interest, to the sum of $19,877 800,
were called in and applied to the sinking
fund, contributed for the current fiscal
year.
Notwithstanding these operations of
the treasury department, representations
of distress in business circles not only
continued, but increased, and absolute
peril seemed at hand. In these crcum-
stances the contribution to the sinking
fund for the current fiscal year
was at once completed by
the expenditure of $276,S42, 1855
in the purchase of government bonds not
yet due, bearing and 412 per cent. in
terest, the premium paid thereon aver
aging about "a per cent. for the former
and 8 per cent. for the latter. In addi-
ton TO this, the interest accruing during
the current year, upon the outstanding
bonded Indebtedness of the government,
was, to some extent, anticipated, and banks
selected as repositories of public money,
and were permitted to somewhat increase
their deposits, while expedient5 were
thus employed to relieve the people, the
money being idle in the treasury.
Oar surplus revenues have continued to
accumulate the excess for the present
year, amounting, on the first day of De-
cember, to 5,25S, 7Ol.12, and estimated
to reach the sum of $1l3O0O,0O0 on the
Both day of June next, at which date it is
expected that this sum added to.
will swell the surplus in the treasury to
$614,000,OO0.
There seems to be no assurance that,
with such withdrawal from use of the
peoples circulating medium, our business
community may not, in the near future
be subjected to the same distress which
was quite lately produced FROM the same
cause; and while the best condition of our
national treasury would be reached, l be.
heve, by its entire dlsconnection with
private business interests, yet, when by a
perversion of its purpose, it coolly holds
money uselessly subtracted from the
channels of trade, there seems to be rea-
son for the claim that some legitimate
means should be devised by the govern
ment to restore, in an emergency, with
out waste or extravaganza, such money
to its place among the people.
If such an emergency arises there now
exists no clear and undoubted executive
power of relief. Heretofore the redemp
ton Of the per cent. bonds, which were
payable at the option of the government,
has afforded means for the disburse-
meDt of the excess of our revenues, but
these bonds have all been returned, and
there are no bonds outstanding the pay